Nordic American Tankers (NYSE:NAT) Announces Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Nordic American Tankers (NYSE:NAT) announced its quarterly earnings data on Thursday. The shipping company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.09, FiscalAI reports. The business had revenue of $79.30 million during the quarter, compared to analysts’ expectations of $84.18 million. Nordic American Tankers had a return on equity of 9.16% and a net margin of 24.19%.

Nordic American Tankers Price Performance

Shares of NYSE:NAT opened at $6.76 on Friday. Nordic American Tankers has a 52 week low of $3.00 and a 52 week high of $7.20. The company has a 50-day moving average price of $6.35 and a 200 day moving average price of $5.77. The company has a market cap of $1.43 billion, a P/E ratio of 25.04 and a beta of -0.57. The company has a quick ratio of 2.75, a current ratio of 3.00 and a debt-to-equity ratio of 0.83.

Nordic American Tankers Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 16.0%. The ex-dividend date is Thursday, September 10th. This is an increase from Nordic American Tankers’s previous quarterly dividend of $0.22. Nordic American Tankers’s payout ratio is currently 325.93%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of NAT. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Nordic American Tankers in the 4th quarter worth approximately $69,000. Visionary Wealth Advisors purchased a new stake in Nordic American Tankers during the fourth quarter worth $60,000. CIBC Bancorp USA Inc. purchased a new stake in Nordic American Tankers during the third quarter worth $69,000. Focus Partners Wealth grew its holdings in Nordic American Tankers by 30.5% in the third quarter. Focus Partners Wealth now owns 18,924 shares of the shipping company’s stock valued at $59,000 after purchasing an additional 4,424 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in Nordic American Tankers by 221.5% in the second quarter. Tower Research Capital LLC TRC now owns 25,170 shares of the shipping company’s stock valued at $66,000 after purchasing an additional 17,340 shares during the last quarter. Institutional investors and hedge funds own 44.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on NAT. Wall Street Zen upgraded shares of Nordic American Tankers from a “buy” rating to a “strong-buy” rating in a research note on Saturday. B. Riley Financial boosted their target price on Nordic American Tankers from $7.50 to $8.00 and gave the stock a “buy” rating in a research note on Friday. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Nordic American Tankers has an average rating of “Hold” and an average price target of $5.33.

About Nordic American Tankers

Nordic American Tankers Limited is a Bermuda-based shipping company specializing in the ownership and operation of Suezmax crude oil tankers. The company’s fleet is employed on the spot and period charter markets, transporting crude oil across major global trade routes. By focusing on commercially flexible employment strategies, Nordic American Tankers seeks to optimize vessel utilization and generate stable income for shareholders.

Founded in 1995 and headquartered in Hamilton, Bermuda, Nordic American Tankers maintains technical and commercial management arrangements through established ship-management partners.